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Financial Basics Community Foundation receives major grant to boost financial literacy for disadvantaged youth
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Financial Basics Community Foundation receives major grant to boost financial literacy for disadvantaged youth
In a significant step toward enhancing financial literacy among disadvantaged young Australians, the Financial Basics Community Foundation (FBCF) has secured a substantial grant from the MetLife Foundation. The $110,000 USD grant will fund the development and delivery of a new initiative, the Financial Literacy Life Skills Resources Project. This initiative aims to provide essential financial education to young Australians who struggle with literacy and numeracy skills, thereby supporting their long-term financial wellbeing.
Financial Basics Community Foundation receives major grant to boost financial literacy for disadvantaged youth
In a significant step toward enhancing financial literacy among disadvantaged young Australians, the Financial Basics Community Foundation (FBCF) has secured a substantial grant from the MetLife Foundation. The $110,000 USD grant will fund the development and delivery of a new initiative, the Financial Literacy Life Skills Resources Project. This initiative aims to provide essential financial education to young Australians who struggle with literacy and numeracy skills, thereby supporting their long-term financial wellbeing.
The Financial Literacy Life Skills Resources Project is set to become a cornerstone in the efforts to equip vulnerable youth with the necessary tools to manage their finances effectively. The comprehensive resource package will focus on building financial resilience and promoting positive financial behaviours. It aims to instil confidence in young people, enabling them to make informed financial decisions and secure an independent future.
Katrina Samios, CEO of Financial Basics Foundation, emphasised the critical need for such resources. "We know that a lack of financial literacy can have a serious impact on a young person’s wellbeing, particularly those with low literacy and numeracy skills. Without the tools and confidence to make informed financial decisions, these young Australians are more vulnerable to hardship and exclusion," she stated. Samios highlighted the transformative potential of the grant, noting, "This grant from MetLife Foundation allows us to bridge that gap by developing practical, inclusive resources that meet these young people where they are, giving them the knowledge and confidence to build a secure and independent future."
The Financial Basics Community Foundation operates under the Financial Basics Foundation, a not-for-profit organisation established in 2009. The new project will adapt existing financial education materials from the Foundation, tailoring them specifically for schools and community organisations that work with vulnerable youth. This approach ensures that the resources are both practical and accessible, addressing the unique challenges faced by young Australians with limited literacy and numeracy skills.
Richard Nunn, CEO of MetLife Australia, expressed enthusiasm for the partnership, stating, "We’re thrilled to be able to support the great work Financial Basics Community Foundation carries out to support the financial literacy of young people in Australia. Our purpose as an organisation is to build a more confident future for young people, and this grant will help some of our most vulnerable young people." Nunn underscored the importance of financial literacy as a life skill, adding, "Financial literacy is a critical life skill, and this project can help support building a confident future and uplift young Australians’ financial wellbeing."
The initiative aligns with MetLife Foundation’s global mission to drive inclusive economic mobility by addressing the needs of underserved and low-income communities. By focusing on improving financial health and promoting equitable access to financial knowledge, the Foundation aims to foster economic empowerment among young Australians.
The Financial Literacy Life Skills Resources Project will commence with a pilot phase, during which educational materials will be tested and refined. This phase is crucial to ensure that the resources effectively support young people with low literacy and numeracy skills. FBCF plans to collaborate closely with educators and community workers to guarantee that the resources are practical, impactful, and easy to implement across diverse learning environments. The full project is scheduled to launch in May 2025, marking a significant milestone in the effort to enhance financial literacy among disadvantaged youth in Australia.
Through this initiative, FBCF continues to advance its mission of empowering marginalised young Australians to take control of their financial futures. By offering practical and accessible tools, the project aims to help youth make informed financial choices and grow in confidence, ultimately contributing to their long-term wellbeing and economic security.
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